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Glittek Granites Limited, a BSE-listed granite manufacturing company, has received a Detailed Public Statement for a mandatory open offer following a change in control. Six members of the Thanki family along with Rawmin Mining And Industries Private Limited (PAC) have signed a Share Purchase Agreement (SPA) on January 6, 2026 with the existing promoters (Agarwal family and Kosen Ventures) to acquire 1,63,51,010 equity shares (62.99% stake) at Rs. 12.65 per share, amounting to Rs. 20.68 crore. This triggers an open offer to public shareholders for up to 67,50,000 shares (26%) at the same price of Rs. 12.65, with total offer consideration of Rs. 8.54 crore. Post-transaction, the acquirers and PAC will collectively hold 88.99% of the company. The acquirers have experience in mining and mineral trading and plan to diversify the company's business activities. The listing status will be maintained.
Public shareholders can tender their shares at Rs. 12.65 per share during the tendering period. The offer represents a change of control from the existing Agarwal family promoters to the Thanki family and Rawmin Mining, which may lead to a strategic shift in business focus toward mining and mineral-related activities. Post-offer, public shareholding may fall below the 25% minimum, requiring compliance with MPS norms.